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About Commodity Insights
26 Jul 2024 | 20:00 UTC
By Jeff Mower and Rosemary Griffin
The winner of Venezuela's July 28 presidential election will face an uphill battle in restoring crude production, which has tumbled following years of US sanctions. Those sanctions might be eased if opposition candidate Edmundo González wins, which could help bring in much-needed investments to restore the country's dilapidated infrastructure.
While González has been leading in the polls, current President Nicolás Maduro could remain in power, which would likely mean sanctions will remain in place, leaving Venezuela's estimated 303 billion barrels of oil reserves largely untapped in the near term.
Full features:
Venezuela faces uphill battle to revive oil industry even if opposition wins presidential election
US likely to ease oil sanctions if opposition wins Venezuelan presidency: experts (subscriber content)